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THE CITY OF 14 <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONo <br /> April 19, 2011 <br /> Finance <br /> TITLE: APPROVAL OF AGREEMENT WITH VAVRINEK, TRINE, DAY & CO., LLP <br /> FOR AUDITING SERVICES <br /> SUMMARY <br /> State and Federal regulations and bond covenants require that an independent auditor <br /> conduct an annual audit of the City's financial records. Staff sent out a Request for <br /> Proposal for Professional Auditing Services in January 2011, and received proposals <br /> from twelve firms. Staff interviewed five of the firms and has determined that the most <br /> qualified firm is Vavrinek, Trine, Day & Co., LLP. Staff is recommending that the <br /> Council award a three year contract to them with an option to extend the contract for <br /> two years for a total of five years. <br /> RECOMMENDATION <br /> Staff recommends that Council approve a three year contract with an option to extend <br /> the contract for two years for a total of five years with Vavrinek, Trine, Day & Co., LLP, <br /> and authorize the City Manager to execute the contract. <br /> FISCAL IMPACT <br /> The Finance Department's Budget includes the funding for the annual audit. The <br /> proposed contract begins with the 2010/11 FY audit; however, the audit fees associated <br /> with that audit will be paid in the 2011/12FY. Funds will be provided in the General <br /> Fund budget for these services. <br />